Fintech News

DECEMBER 10, 2023

Getting a grip on identity fraud Sumsub Growing prevalence of AI-driven deepfakes, digital forgeries and identity ‘spoofing’ to obtain valuable personal and business data is impacting industries across the board.

FinTech

The Fintech Times

MAY 12, 2024

Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023. The highest proportion of participants (41.4

Financial Crimes

The Fintech Times

MAY 14, 2024

The University has expanded the Center’s reach, providing programs that have impacted over 60 participating HBCUs. Our participation in the National FinTech Center at Morgan State University in partnership with the UBRI at Ripple has been instrumental in supporting a solid learning environment for blockchain education and research at FAMU.

Blockchain

The Fintech Times

DECEMBER 15, 2023

The SFA, a non-profit initiative encompassing various sectors within the broader fintech industry, serves as a catalyst for collaboration among ecosystem participants. “Joining the Singapore FinTech Association marks an exciting milestone for us,” said Penny Chai, VP of business development APAC at Sumsub.

Innovation

The Payments Association

APRIL 2, 2025

The panellists described a troubling evolution: traditional scams being supercharged by artificial intelligence. “Real-time deepfakes have moved beyond theoretical concerns,” explained David Sutton, chief innovation officer at Featurespace. Beyond high-profile cases, criminals are using AI more subtly to scale up operations. .”

AI

Fintech Finance

FEBRUARY 20, 2025

The rising sophistication of AI-generated deepfake images and videos poses an increasing risk to the payments industry, making advanced fraud detection more critical than ever. The move comes as Deloittes Center for Financial Services warns that fraud losses driven by generative AI could reach $40 billion in the US alone by 2027.

AI

Finovate

SEPTEMBER 24, 2024

The Series A round was led by LiveOak Ventures and featured participation from Forefront Ventures, Curql Fund, UsNet, Capital Factory, Connexus, and TDECU. Voice authentication technology innovator Illuma Labs has raised $9 million in funding.

Credit Union

Fintech News

MARCH 5, 2024

Through this payment linkage launched in December 2023, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants. Singapore witnessed a staggering 33% rise in deepfakes in Q2 2023, highlighting a global escalation of this threat.

APACS

Seon

SEPTEMBER 20, 2024

As participants shared their experiences and insights, several key themes emerged, painting a picture of an industry at a critical juncture. For instance, fraudsters now leverage innovative technologies to create deepfakes, bypassing traditional identity verification methods like document ID checks and biometrics.

Risk

Fintech News

MARCH 5, 2024

Through this payment linkage launched in December 2023, individuals can pay for goods and services by scanning the Hong Kong FPS QR code or the Thai PromptPay QR Code at participating merchants. Singapore witnessed a staggering 33% rise in deepfakes in Q2 2023, highlighting a global escalation of this threat.

APACS

The Fintech Times

MARCH 28, 2024

According to its findings, Travel Rule remains one of the two main challenges for crypto companies worldwide, the other one being more advanced fraud methods such as AI-generated deepfakes. The post Sumsub Integrates Travel Rule Solution with Binance, Supporting VASPs Globally appeared first on The Fintech Times.

Travel Rule

Fintech News

FEBRUARY 18, 2024

As Sumsub gears up for its participation in Seamless Asia, this partnership serves as a beacon for businesses seeking to navigate the complexities of digital payments verification. This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule.

Verification

Fi911

OCTOBER 11, 2023

They ensure the face is genuine without requiring direct user participation. The system can discern real individuals from static visuals, or people using deepfake technology to impersonate another user. Benefits of Liveness Detection The dawn of deepfakes and sophisticated spoofing has necessitated advanced countermeasures.

Deepfake

The Payments Association

APRIL 7, 2025

The Financial Crime 360 State of the Industry Survey 2024, which involved 150 participants from 32 countries, provides critical insights into the payments industry. AI-driven fraud is on the rise, with identity deepfakes identified by 56.29% as a significant threat and automated personal data collection highlighted by 32.45% of respondents.

Financial Crimes

Finovate

FEBRUARY 8, 2024

“Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more,” Wilkinson said.

Acquirers

The Fintech Times

JANUARY 17, 2024

Risks include deepfakes, sophisticated cyber hacks, and the use of generative AI to create malware. Every compliance executive we surveyed said that they are either currently participating in an authorised push payment (APP) program or will in the near future.

AI

Finovate

FEBRUARY 1, 2024

She is an expert in synthetic media, deepfakes, disinformation, cybersecurity, and the geopolitics of technology. Nina Schick, Author, Generative AI Expert, Founder at Tamang Ventures Schick is an author, advisor, and keynote speaker, specializing in how technology is transforming politics and society in the 21st century.

Metaverse

PYMNTS

NOVEMBER 13, 2019

Fraudsters could upload pre-recorded videos of other people, wear masks or use deepfakes to try to hide their true identities. Video KYC that does not involve live staff interaction may be easier to trick, however. Crowdsourcing marketplace Freelancer.com has customers undergo live video conferences with staff for identity verification.

Verification

Seon

SEPTEMBER 28, 2023

Integrate assessments, rounds of Q&A, and audience participation exercises. Future security measures, such as generative AI and deepfake detection – particularly given that biometric authentication will become increasingly challenged by AI-focused fraudsters in the years to come. Make the SAT interactive.

Security

The Fintech Times

FEBRUARY 12, 2025

“I could spot an AI deepfake easily.” per cent of 2,000 participants in its latest test were able to successfully identify ake content. Both US and UK consumers were tested, being told to examine a variety of deepfake content, including images and videos. Andrew Bud, founder and CEO, iProov “Just 0.1

Deepfake

Fintech News

DECEMBER 15, 2024

Since the pandemic, fraud and scams have surged significantly, with mature markets like Singapore and Hong Kong facing increasingly complex challenges, including authorised push payment fraud and deepfakes. Globally, scams caused an estimated US$1.026 trillion in losses, equal to 1.05% of the global gross domestic product (GDP).

Scams

The Payments Association

MARCH 20, 2025

Criminals are becoming increasingly sophisticated, employing tactics such as generating fake IDs, using deepfake images and video, and mimicking human movements to deceive detection systems, says Roussel. Jimmy Roussel, COO at ID verification provider IDScan. net, says criminals have seized upon AI to take their schemes to the next level.

Financial Crimes